All Forum Posts by: Jim C.

Keep Buying!

NO emotions. Just go by the numbers. Numbers don't lie.

I've been investing in NWI for over 17 years now, and haven't and wouldn't personally consider Hammond due to the amount of rentals as well as Hammond's infamous code enforcement. I would rather invest in Merrillville or Cedar Lake for the same amount of money with less vacancies and headaches. 

@Ken Van Haitsma Jr- Congrats! Now, make sure you screen your tenant properly. I have found that there are alot of non-qualified tenants in NWI looking for properties (I know because I have 3 up for rent right now). Make sure you do a in-depth background check and credit / income verifications as well. Don't be too quick to just allow anyone into your beautiful rehabbed property. If you need assistance, feel free to reach out to me. I've had some real professional tenants show up lately at my open houses,

If you have alot of sweat equity in the property, you make want to consider a HELOC from a local bank such as Centier. They will give HELOCS out on rental properties. That would allow you to keep the ball rolling.

@Sandy RL- Hey Sandy! I invest in the NWI area, specifically SFRs. I too been researching apartment buildings in the NWI area, and the ones I have researched so far have been waaaaay overpriced. Feel free to reach out to me!

@Joshua D.- Reminds me of my former youth years ago.... Kept telling the wife "Are we making the right decisions????". Fast Forward 15 years later. Yep, was the right decisions. Basically retired... And yes, we still ask "Are we making the right decisions??". Keep buying! You won't regret it!

@Samantha Klein- Keep in mind though that getting a refi on your property will affect your DTI (Debt to Income) ratio when applying for another mortgage on another property.

Over the years, I've rented to 2 ladies in that profession. Both wound up moving out 'in the middle of the night' and disappearing. Glad I had a first/last/security. I wouldn't do it again though,,,,,

@Ben Byma- Still good deals out there, just got to keep looking. I just listed a house I have in Dyer (South Side) near 101st for $75k. Its on the MLS if you are interested. Was previously a rental at $1200 a month. Would be a good investment property in NWI.

@Willie Webb- I bought it from a wholesaler who bought it at the tax sale. Its 79 x 154. I understand that there is minimum lot size to build a structure in Lee County / cities, so you would want to look into that as well, especially in Cape Coral as I heard that the lot sizes tend to be smaller there, and multiple lots would be needed to build a house there. I'd be more than happy to share my plans and show you what I have planned when I get the plans finalized and come down to begin construction. Perhaps we could meet for coffee when I'm in town. I'm designing a small 'beachy' type cottage with lots of windows / doors for maximum space feel.